DESCRIPTION
This course is essential for the tax practitioner who wants to update their knowledge of Individual & Business income taxation. This session is a comprehensive review of the Federal Individual & Business income tax provisions and tax forms/schedules that will affect the 2023 tax returns and 2024 tax projections with an emphasis on newly enacted income tax legislation, court cases, IRS guidance, revenue procedures and private letter rulings affecting individuals and businesses.
With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a one-day fast-paced update course focusing on the hottest Federal income tax topics affecting individuals, businesses, and their owners with an emphasis of newly enacted income tax legislation
This fast-paced CPE session is a comprehensive review of newly enacted income tax legislation, issuance of income tax regulations, court cases, IRS notices, revenue procedures, and private letter rulings affecting individuals and businesses. Each participant will receive a comprehensive manual with the hottest tax topics including Lynn Mucenski-Keck Quick Reference Chart.
Part1 : | Federal Individual Income Tax Update |
Date: December 21, 2023 |Time: 12:00 PM ET | 11:00 AM CT | 09:00 AM PT | 240 Minutes
Session Highlights:
- Review of essential IRC Sections
- Discuss the Form 1040 and other related schedules and forms
- Discuss the most recent individual income tax legislation passed to date
- Review numerous individual income tax provisions related to business (i.e., sole proprietors and owners in pass through entities) including but not limited to the 20% qualified business income (QBI) deduction, §461(l) business loss limitations, §163(j) interest deduction limitations and depreciation.
- Cover issues related and any changes to the various taxes (i.e., income tax rates, capital gain tax rates, self-employment tax and alternative minimum tax (AMT), 3.8% net investment income tax)
- Brush up on other topics such as income filing status, personal exemptions, itemized deductions, exclusions from income, adjustments to income, rentals, passive activity rules and individual income tax credits (e.g., child tax credit and dependent care credit)
- Walk through the NEW final required minimum distribution (RMD) regulations
- New credits, deductions, and tax relief
- Maximum benefit from an office-at-home, education deductions and credits
- Health insurance, HRAs, HSAs, Changes in the law by Congress
- Kiddie tax
Part 2- | Federal Business Tax Update |
Date: December 22, 2023 |Time: 12:00 PM ET | 11:00 AM CT | 09:00 AM PT | 240 Minutes
Join Lynn Mucenski-Keck, as she delivers up-to-the-day changes in federal tax law for businesses. The course, delivered at a brisk pace and with humor, is designed to meet the needs of the tax planner and return preparer by identifying and responsibly exploring recent important tax developments impacting businesses.
Session Highlights:
- Review of essential IRC Sections
- Review of business changes made by the Tax Cuts and Jobs Act of 2017
- Review of internal revenue code section 199A (pass-through entities) including an understanding of the newly released IRS guidance
- Schedule C and Schedule F issues
- Discuss other important IRS audit areas such as:
- Basis and at-risk limitations for S shareholders and partners
- Passive activity losses and real estate professionals
- Self-employment taxes
- Schedule E Issues
- Partnership issues
- Corporation issues
- LLC issues
- Special rules for dealing with COVID subsidies
- Code Section 461(l) interacts with Section 382 and its carryover rules
- Defaulted loans
- Bankruptcy issues
- COVID-19 related changes in the tax law
- The CARES, HEROES, and HEALS acts
- Special rules relating to business use of your home
- Reporting the conversion of personal use property to business use
Who Should Attend
This course is essential for CPAs, CFPs, enrolled agents, estate planners, tax attorneys and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.
Credits and Other information:
Recommended CPE credit – 8.0 Tax Hours
Recommended field of study – Tax
Session Prerequisites and preparation: None
Session learning level: Basic
Field of Study: NASBA Taxes; IRS Federal Tax Update
Location: Virtual/Online
Delivery method: Group Internet Based
NASBA Sponsor: 138804
IRS Course ID: DFFSC
Attendance Requirement: Yes
Session Duration: 8 Hours
Case Studies and Live Q&A session with speaker
PowerPoint presentation for reference
Pioneer Educator is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
